Analysis Of The North American Free Trade Act ( NAFTA ) free essay sample

Analyzes three separate aspects of NAFTA. First examines the history of the trade pact, next the current state of relations among the three trading partners, last the outlook and challenges for the future. Analysis of the North American Free Trade Act (NAFTA) Introduction The North American Free Trade Act (NAFTA) has been in place in the United States, Canada, and Mexico for more than three years, having been enacted with many loud and vocal concerns expressed by both the Congress and the media (When neighbours embrace, 1997). NAFTA has been called, rightly so, the most comprehensive trade relationship ever negotiated among friendly countries. NAFTA also will go down in economic history as the first time a developing country has agreed to become a trading partner and opening up its economy to full competition with those countries (Hirsch, 1995). This analysis will deal with three separate aspects of

Functional Areas of Business Essay

Functional Areas of Business Essay Functional Areas of Business Essay Functional Areas of Business Angela B. Ball MGT/521 February 25, 2014 Dr. Nancy Atkins Functional Areas of Business A business consists of four areas of functionality – marketing, production, finance, and personnel. Marketing is the method used to move a product or service from its idea to customer consumption. Production is the process of creating a good or service. Finance is the manner in which a company handles and uses money. Personnel are the people employed by a business or organization. Each of these areas of functionality requires a manager who is responsible for planning and overseeing the responsibilities set forth within the organization. Marketing Management The size of a business and industry in which the business operates, determines the autonomy of marketing management within that business. According to (BusinessDictionary.com, 2014); to effectively market a good or service, management uses a company’s resources to increase customer base, improve customer opinions of products and service, and increase the perceived value of the company. A marketing manager must first develop a plan to heighten the results obtained from the time and money invested in marketing. A marketing plan creates specific objectives and identifies a company’s strengths, weaknesses, opportunities and threats. It lists tactical steps to achieve marketing objectives, includes resources to accomplish objectives, and keeps all members of the sales and marketing team working together. The plan should be reviewed several times during the year and adjusted, depending on changes in the marketplace. Production Management Production management includes the planning, organizing, directing, and controlling of activities of the production function. â€Å"Production function is the conversion of raw materials into finished products† (Cite.com, 2009) and is categorized under two objectives: (1) ultimate and (2) intermediate. Ultimate objectives include the main responsibilities of manufacturing, which are; cost, product quality, and time schedule. Machinery and equipment, material, manpower and supporting services are included in intermediate objectives. As an essential part of the production process, production managers must determine manufacturing costs. The unit cost of the product should be sensibly estimated, and every effort should be made to stick to the cost criteria (Cite.com, 2009). Product managers identify where losses in quality occur and find ways to control the process and improve the product. Occasional changes to work instructions, to monitor quality indicators, may be necessary to increased production rates and improved product quality. Time scheduling is the planned timeframe given to produce a certain number of goods. Production scheduling consists of three primary goals or objectives. First, set due dates to avoid late completion of jobs. Secondly, create throughput times to minimize the amount of time a job spends in the system. The third goal includes the deployment of work centers (Reference for Business: Encyclopedia for Business, 2nd edition, 2014). Within these three goals, production management employs both ultimate and intermediate objectives to result in a finished product. Finance Management Financial management applies planning, organizing, monitoring, controlling, and directing the monetary resources of a business or organization. Financial objectives concentrate on the amount of profits and increase in profits a company incurs over a period of time. In an attempt to increase earning capacity; a financial manager estimates expected costs, profits, and other financial concerns of a company. This estimate involves short-term and long-term debt equity analysis. Finance managers also make decisions on how to manage cash transactions and obligations within the company. According to (Management Study Guide, 2013), the finance manager not only plans, procures, and utilizes the funds; but also has to exercise control

The London Economy Tourism Essay Example | Topics and Well Written Essays - 2250 words

The London Economy Tourism - Essay Example The success has also been attributed to the deregulation of the market and exchange controls. London remains a pre-eminent global city for doing business and attracts millions of tourists every year round, but this has come under threat not only from the economic upheavals but also from the emergence of new business and tourism hubs such as Dubai and Mumbai. London is ranked as the most popular city in the world and attracts millions of tourists every year who travel to London to see and admire the impressive monuments, exploring the vibrant and diverse culture of the inhabitants of the city or pay a visit to the historical sites in London (LDA 2009). Tourism is a key driver of the economy of London attracting 15 million visitors of overseas visitors who were staying and 11 million domestic visitors staying in the year 2008 alone. In addition, several surveys estimate that about two hundred million visits by tourists are made to London either within the capital or within the outskirt s for the numerous attractions, art exhibitions, historical sites and other tourist attractions. Tourism and related activities helped support 253, 000 employment opportunities and resulted in expenditure by visitors amounting to U. K. ? 22 billion which consisted of U.K. ? 8 billion is generated by staying overseas visitors. While much of the tourism takes place at the capital city at the inner sections, the significance is felt as a whole including the boroughs. The London’s visitor economy grew steadily in the leisure market in the period 2002 to 2007, making a quick recovery from the adverse effects of the terrorist act of September 11 characterized by a reduction in the number of staying tourists. Nevertheless, the number of visitors to London from overseas declined from 15.3 million to 14.7 million in the year 2007 while that of domestic visitor numbers rose from a figure of 10.1 million to 11.3 million. In terms of the economy, the revenue generated from tourism toward s the economy of London comprise about 10 percentages of the gross value added income of London and the projections is that the amount spent by tourists in London costs about U.K. ? 15 million per year. The statistics also show that about 13 per cent of the people who work or are employed in London are in the tourism sector alone and is predicted to rise dramatically due to the marketing strategies that have been put in place to position London as an ideal tourist destination (LDA 2009). Some of the famous tourist attractions in London include Buckingham palace that attracts about 15 million tourists per year, Green Park and St. James Park, the Victoria and Albert Museum the leading museum of its category globally, the British Museum, the Tower of London along River Thames, the Tower Bridge and the Big Ben. However, the cultural sector of London is the major contributor to its economy in terms of the income and the jobs it generates to the citizens as many tourists comprising 70% ci te it as the major reason for their visits. This is achieved from the high number of overseas visitors who flock into London to see and visit its numerous attractions and the central as well as the management of London has played a key role in the provision and support of the cultural heritage of London to ensure fair access. When viewed as a cultural metropolis, tourism contributes to the employment of about half a million